The role of the Product Manager is nothing new. It has been around for decades and is particularly prevalent in the technology sector. As the well-known investor and technologist Ben Horowitz once said, the Product Manager is essentially the CEO of a product.
A product has its own branding, marketing, sales strategy, customer service, technology, and scientific development, market research, customer experience analysis, team management, and strategy development. The Product Manager is the one coordinating all these parts to achieve the so-called "Product-Market fit". His/her goal is to align product development and marketing with the needs and demands of the market. The Product Manager does not replace other roles in a company, instead, he/she brings them together to achieve the desired progress of the product s/he oversees.
This is why we are now seeing the rise of Chief Product Officers (CPOs). According to Pendo, between 2018 and 2021, the number of LinkedIn users with the title of Chief Product Officer increased by 41%. During the same period, LinkedIn stated that the Product Manager role is one of the most promising careers with a 29% year-over-year increase in open positions.
The increase in demand for Product Managers is not random. Several of our habits as consumers, such as shopping, learning, managing our money, and many more, are now heavily reliant on digital solutions. Consulting firm McKinsey & Co said that the COVID-19 pandemic accelerated the digitization of consumer habits by up to 4 years. As these developments run their course, the role of Product Managers is becoming increasingly important.
As customers digitalize their habits globally, the need for a Product Manager is very present in Cyprus as well. In 2021, PwC's 10th CEO Survey showed that 83% of Cyprus' corporate leaders intend to increase their long-term investments in digital transformation. At the same time, we see Cyprus going digital in the public sector with the creation of CY Login, with emerging projects such as the digitization of Police Processes with the DIGIPOL project, as well as, further actions by the Ministry of Research and Innovation. Finally, we see the Cypriot public adding more and more digital products to their everyday life through streaming services, food ordering or shopping apps, bill payment via digital platforms, online job search, teleworking, etc.
As digitalization has now become an integral part of our country's development, with 7% of its GDP coming from the technology sector, according to Tech Island, the search for Product Managers is intensifying. At this moment there are more than 100 open positions on Ergodotisi.com related to this profession. The Cyprus market is looking for professionals who can write down the specifications of an upcoming product, compare it with the market needs, understand the technical requirements, direct the development and release schedule, and oversee the subsequent promotion, progress, and evolution of the product in the market.
Hearing the need for Product Managers, Capacitor Partners decided to utilize their extensive database of professionals to assist companies to adopt and launch new products. Through strategic partnerships and many hours of hard work, Capacitor Partners has been able to help leading companies and organizations through their digitalization processes. Among the Cyprus-based companies that have trusted our services include Petrolina, Papantoniou, CYRIC, Cyfield, Hope For Children, Ergodotisi, and WaysExpress.
Capacitor Partners helps organizations build the right structures and take the right steps for successful technology development and internal adoption of technology products. It takes an active role in the full range of activities required to achieve product-market fit. From process re-engineering to market and user research, coordination of developers, marketing, and any other team involved in the project. Capacitor Partners can become the Chief Product Officer, on behalf of the client. This is imperative to highlight, as digitalization of services is only as successful as their Product Manager.
In the words of Eric Ries "Building the right product requires systematically and relentlessly testing that vision to discover which elements of it are brilliant, and which are crazy." This is Capacitor Partners' role in all the projects it undertakes.
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